Business News
Krones decides on share buyback programme
Wednesday 21. January 2009 - The Executive Board of Krones AG, following authorisation by the AGM held on 18 June 2008, decided on 21 January 2009 to purchase on the stock market up to 3,159,307 of the companys own shares, equivalent to up to 10 per cent of the equity capital.
The value per share (excluding the ancillary costs of purchase) must not be less than EUR 22.61 and not more than EUR 27.64. If the price of Krones AGs shares should rise above or fall below the specified bandwidth, the Executive Board can decide upon a new buyback tranche with a new bandwidth. The relevant information on this will be announced on the companys website under www.krones.com.
Use of the repurchased shares will be decided upon at a later juncture, subject to approval by the AGM.
The Executive Board of Krones AG is convinced that the price of the Krones stock, against the background of the crisis on the financial markets, does not adequately reflect the profitability and the future prospects of Krones AG. In view of the companys good liquidity situation , the buyback will essentially be funded from the firms own resources.
The buyback will be conducted by Commerzbank AG, Frankfurt a.M. in appropriate conformity with the “safe harbour” regulations of Ordinance (EG) No. 2273/2003 from the European Commission, independently and without any influence being exerted by the company.